LabCorp acquires Orchid Cellmark. BioLase ups financial forecast. After the bell: Immucor jumps higher on strong earnings Print E-mail
By BioMedReports.com Staff   
Wednesday, 06 April 2011 18:44
Below is a look at some of the headlines for companies that made news in the healthcare sector on April 06, 2011.

After the bell Wednesday, shares of Immucor, Inc. (Nasdaq:BLUD), jumped higher after the provider of automated instrument-reagent systems to the blood transfusion industry, reported better than expected Q3 results. The company said that its profit grew by 13 percent due to higher sales of instruments and testing products.

In extended trading shares were up $1.42 or 7% to $21.40.

Laboratory Corporation of America Holdings (LabCorp) (NYSE:LH) announced today that it will acqure Orchid Cellmark Inc. (NASDAQ:ORCH) for $2.80 per shares or $85.4 million. Orchid Cellmark is an international provider of DNA testing services primarily for forensic and family relationship applications.

"We are very pleased that Orchid Cellmark, a premier DNA testing business with a strong reputation for exceptional quality, reliability and customer service is joining our family," said David P. King, Chairman and Chief Executive Officer of LabCorp. "The proposed acquisition of Orchid Cellmark significantly diversifies and strengthens our specialized forensic and family relationship testing."

Shares of Orchid Cellmark surged 75 cents or 37% to $2.76.

BIOLASE Technology, Inc. (NASDAQ:BLTI), the world's leading dental laser manufacturer and distributor, announced today that, based on a preliminary review of its financial performance, the Company expects to report net revenue of approximately $10.4 million for the first quarter ended March 31, 2011. This is an increase of approximately 10 percent from the updated guidance provided last month in the mid-range of $9.5 million ($9.25 million to $9.75 million) and an increase of approximately 136 percent from $4.4 million of net revenue for the first quarter ended March 31, 2010.

Federico Pignatelli, Chairman and CEO, said, "We are pleased with the better than expected revenues that we believe we have achieved during the first quarter, traditionally our slowest quarter of the year. Our recently expanded direct sales force in North America and several of our international distributors have contributed to the growing sales traction in the period and a strong initial demand for our new flagship all-tissue laser system launched in January, the WaterLase iPlus, have all contributed to the quarter performance. Orders for the WaterLase iPlus have exceeded our expectations, and we are working diligently to manufacture enough to keep up with the current demand. The launch of the Waterlase iPlus is shaping up to become the most successful in the history of the Company and we believe it will be a strong contributor to our future revenue growth. Demand for our wireless iLase five watt diode laser system also remained strong in the period as we continued to receive new orders and work through our existing backlog."

Shares of BIOLASE jumped 97 cents or 20% to $5.81. Shares are up more than 250% YTD.

Curis, Inc. (NASDAQ:CRIS), a drug development company seeking to develop next generation targeted small molecule drug candidates for cancer treatment, today announced the presentation of data in three poster presentations at the 102nd American Association for Cancer Research (AACR) Annual Meeting held in Orlando, Florida, April 2-6, 2011.

"The data we presented at AACR this year demonstrate the versatility and breadth of our proprietary cancer platform," said Daniel Passeri, Curis President and Chief Executive Officer. "We believe that the potency and differentiability of our product candidates validate Curis’s approach to developing novel anti-cancer agents and continue to demonstrate that our proprietary and partnered platforms are based on strong scientific rationale."

The Company reported pre-clinical data characterizing three drug development candidates that target cancer signaling networks. The data demonstrate that Curis’ cancer platform can be utilized to generate a range of highly differentiable small molecule inhibitors for cancer with varying functions, molecular composition and potential therapeutic utility in diverse cancer indications.

GenMark Diagnostics, Inc. (NASDAQ:GNMK), a leading provider of automated molecular diagnostic testing systems, today announced that the Board of Directors has appointed Hany Massarany as President and Chief Executive Officer and a member of the Board of Directors.

Since February 2009, Mr. Massarany served as President of Ventana Medical Systems and Head of Roche Tissue Diagnostics. From 1999 to 2009 he held various global leadership positions with Ventana, including Chief Operating Officer, Executive Vice President Worldwide Operations, Senior Vice President Corporate Strategy and Development, and Vice President North American Commercial Operations. Prior to Ventana, Mr. Massarany held executive management positions with Bayer Diagnostics and Chiron Diagnostics, working in both Asia Pacific and the United States. He holds a Bachelor of Science degree in Microbiology and Immunology from Monash University, Australia and an MBA from Melbourne University, Australia.

Cardica, Inc. (Nasdaq:CRDC) today announced that the U.S. Patent and Trademark Office (USPTO) has issued the company Patent No. 7,918,376 for its proprietary Microcutter technology. This patent relates to the articulation of a surgical stapler or endocutter.

"The first patent covering our proprietary Microcutter technology to issue from a large portfolio of over 35 patent applications that have been filed in the U.S. and Europe protects our Microcutter technology related to articulation," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "Our Microcutter product line continues to move rapidly through development. With design validation of our initial commercial Microcutter device nearing completion, we expect first-in-man use in Europe in the first part of this quarter for the first device in this product line that we intend to commercialize, the Microcutter XPRESS 30."

Also Wednesday:

Axia Group Inc. (PINKSHEETS:AGIJ) subsidiary Collagenna Skin Care Products/Melem Secret is pleased to announce that its marketing transaction with a Chinese company for marketing and distribution in China and Asia will close within a few days.

Capital Group Holdings, Inc. (PINKSHEETS:CGHC), announced today it has executed an agreement between OneHealthPass Inc., a wholly-owned subsidiary of Capital Group Holdings Inc, and AmeriDoc, LLC based out of Plano, TX.

IntelGenx Corp. (TSX VENTURE:IGX) (OTCBB:IGXT) today announced the completion of a pilot biostudy indicating that IntelGenx has developed a novel oral film, INT0020, that suggestsbioequivalency to a leading branded product for the treatment of insomnia. INT0020 has been developed using IntelGenx' proprietary immediate release "VersaFilm" drug delivery technology.

PolyMedix, Inc. (OTC BB: PYMX)
, an emerging biotechnology company focused on developing new therapeutic drugs to treat infectious diseases and patients with acute cardiovascular disorders, announced today the pricing of an underwritten offering of 25 million units, each unit consisting of one share of its common stock and a warrant to purchase one-half of a share of its common stock at an offering price of $0.80 per unit.

Sionix Corporation (OTCBB: SINX), designer of innovative and patented, advanced mobile water treatment systems (MWTS), announced today that it has signed a Memorandum of Understanding (MOU) with TII Trading International Investment, Inc. (TII), an operating unit of SAPO International, S.A., working with multiple public and private agencies in Japan.

SOHM, Inc. (PINKSHEETS: SHMN), a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories announced today that the Company projects revenue growth of 200 percent in 2011.




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